Market Wrap: Bitcoin Showing Potential Signs of an Upswing

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Market Wrap: Bitcoin Showing Potential Signs of an Upswing
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MARKET WRAP: $BTC is starting to show signs of an uptrend, but it should be approached cautiously. GWilliamsJr_CMT and _jocelynyang_ report

Ten-year Treasury yield daily close: 3.75%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atRecent trading data is showing bitcoin’s price is beginning to register a series of “higher lows,” laying the groundwork for the largest cryptocurrency by market capitalization to begin rising again.

The other element of an emerging uptrend would be a series of “higher highs,” which has not occurred to the same degree. From the identical starting point , BTC made higher highs in just three of the next nine trading days. Bitcoin has also been outperforming a number of its peers recently, most notably ether, whose price peaked on Sept. 8 and has declined 19% since then. BTC has recently outperformed Cardano’s ADA, XRP and Polygon’s MATIC, implying that bitcoin remains the asset of choice for investors seeking digital asset exposure.

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